Dealer’s Diary
The Indian markets snapped their five day rally on the back of weakness in major global indices. While opening in the red, the markets recovered immediately to trade positive in the early session. However, selling ensued as investors booked profits and the markets slipped in the red once again. Volatility continued to remain high intra-day, with markets witnessing sharp swings. The Sensex and Nifty closed with a loss of 0.3% each. The BSE Mid-cap and Small-cap indices were also weak, with a loss of 0.3% and 0.0%, respectively. Among the front-liners, ONGC, Reliance Infra, M&M, ITC and HDFC were up by1-3%, while Maruti Suzuki, JP Associates, DLF, SBI and Sterlite were down by 2-4%. In the Mid-cap segment, TVS Motor, National Fertilisers, Gillette, Novartis and M&M Finance were up by 4-6%, while Hindusthan Natural Glass, Jain Irrigation, Mcleod Russel, EID Parry and UB Holdings were down by 4-5%.
Markets Today
The trend deciding level for the day is 17713/ 5313 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17747 – 17804/ 5325 – 5343 levels. However, if NIFTY trades below 17713/ 5313 levels for the first half-an-hour of trade then it may correct up to 17656 – 17622/ 5296 – 5284 levels.
Economic and Political News
· Core sector grows 7.2% in March
· S&P downgrades Greece’s rating to junk
· Direct tax mop-up to be close to revised target: Finmin
· IRDA direct insurers to reveal commission details
Corporate News
· Posco-SAIL to set up Rs1,000cr steel unit in Maharashtra
· Ruias invest Rs1,300cr in Essar oil via GDS
· Patni bags US $200mn deal from insurer Universal American
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